Mumbai-headquartered Venture: Lead Angels sets up Rs 300 crore early stage fund
- ByStartupStory | March 19, 2022
Lead Angels Network, a Mumbai-headquartered venture, which operates an eponymous angel investment platform, registered as a Category I AIF with SEBI, announced the launch of Lead Angels Fund. In January 2022, the Rs 300 crore fund marked its first close, raising worth Rs 5 crore from nearly 20 early-stage investors.
In a startup having a team of seven investment managers, with Sushanto Mitra, CEO of Lead Angels, acting as the managing partner, the sector-agnostic fund aims to be the first institutional cheque.
Sushanto Mitra said in a statement that in the next six months they are looking to make about 10 investments, at an average cheque size of about Rs 1.5 to 2 crore. Their aim is to rapidly scale-up over the next three to four years in order to invest their full fund size of Rs 300 crore.
He further adds that as they get a single name on the cap table the fund structure benefits startups, making follow-on rounds easier to execute. The investors will be issued units of a startup’s shares as part of the fund, instead of direct shares in the investee company, as its the practice with angel networks.
It will continue to look out for new primary and secondary investments, supporting its portfolio companies, while the fund has not earmarked a specific amount of capital for follow-on rounds, said Sushanto. Opportunities in the Software-as-a-Service space, medical technology, and fintech companies, are currently being focused by the funds.
Lead Angels Network in the six years since its inception, invested in over 50 companies, including the likes of OckyPocky, an English-learning platform; Moonshine Meadery, the Pune-based alcoholic beverage company and others. Exits have also been noticed from its portfolio companies such as Supr Daily, milk delivery company which was acquired by Swiggy in 2018 and Planet Superheroes, the direct-to-consumer superhero merchandise brand which was acquired by Nazara subsidiary, NODWIN Gaming in January 2022.
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